BRG Acquires 306-Unit Class A Community in Orlando

New York, NY (PRWEB) November 04, 2014

The asset was acquired for $ 43.3 million, a substantial reduction from its 2006 sale cost of $ 49.1 million. With a pro forma max rate of 6%, the property was obtained on attractive conditions given local market cap rates of 5.25% – 5.50%. BRG jobs first year AFFO return of about 12%, based on trailing businesses. The purchase was capitalized with a senior mortgage from Fannie Mae and about $ 14.4 million of equity from BRG. The joint venture partner in the trade, the Carroll Organization of BRG, provided 5% of the equity.

“We consider this is a great center plus investment with a chance to grow cash flow through increased property management as well as a small value-add renovation to the component insides”, notes Ramin Kamfar, Chairman and CEO of BRG.

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The property contains lavish comforts including a sand volleyball court, a 24 hour fitness center, a car care place, a resident business centre, a bbq pavilion with grills, small accessibility gated entrance, and detached garages and storage rooms. The superbly appointed one, two, and three bedroom units range from 788 to 877 square feet and provide walk in cupboards, complete appliance bundles, designer light fixtures, luxury garden tubs, fall stained cabinetry, and washers and dryers in every unit. !

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The property is situated about 10 miles south of downtown Orlando, in the center of the region’s main attractions, including Walt Disney World, Sea World, Universal Studios, as well as the Orange County Convention & Civic Center, and 1/4 mile east of 1,100 room J.W. Marriott and Ritz Carlton at Grande Lakes Resort, a mixed-use high-end development with resorts, a Greg Norman signature golf course, swimming pool complexes, child care, an outside playground, and retail stores. !

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About Bluerock Residential Growth REIT, Inc.



Bluerock Residential Growth REIT, Inc. (NYSE MKT: BRG) is a real estate investment trust formed to get a diversified portfolio of institutional-quality flat properties in demographically attractive growth markets throughout the United States. The Organization has elected to be taxed as a property investment trust (REIT) for U.S. national income tax goals.

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About Carroll Organization



Carroll Organization is based in Atlanta, Georgia, and maintains regional offices in Houston, Orlando, and Miami. The present portfolio of owned properties is about 12,000 units, and their completely integrated platform contains a property management section which has responsibility for about 14,000 units. Their asset management group manages assets valued in excess of $ 1.3 billion and their fund management group has raised over $ 350 million in equity. !

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Forward Looking Statements



This press release includes forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward looking statements are statements which are not historical, including statements regarding management’s intentions, beliefs, expectations, representations, plans or predictions of the future, and are generally identified by such words as “believe,” “expect,” “anticipate,” “intend,” “estimate,” “may,” “will,” “should” and “could.” Actual results may differ materially from those expressed or indicated by such forward looking statements because such statements include risks, uncertainties and contingencies. These are based upon the Company’s current expectations, but these statements aren’t guaranteed to happen, including the skill to create AFFO as projected in the property. Additionally, the Organization disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of alternative changes, data or techniques, future events or new info. Investors must not place undue reliance upon forward looking statements. For additional discussion of the variables which could influence results, please refer to the “Risk Factors” section of the prospectus dated October 2, 2014 and filed by the Company with the Securities and Exchange Commission (“SEC”) on October 3, 2014, and subsequent filings by the Company together with the SEC.. We maintain the safe harbor protection for forward looking statements within the Private Securities Litigation Reform Act of 1995.

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